Expert Council under the state Duma proposed to transfer the regulation of the cryptocurrency industry organizations

The meeting of the expert Council under the state Duma Committee on Finance, which includes the state Duma deputies, representatives of the Ministry of Finance, Ministry of economic development, Federal financial monitoring service, the FSB, Ministry of internal Affairs, Sberbank, VTB discussed a question on creation in Russia of the self-regulatory organization (SRO) for the market of cryptocurrencies.

Previously proposed to adopt a law defining the concepts of cryptocurrencies, blockchain and ICO. Some believe self-regulation is the optimal scenario here for this market due to its rapid development, others fear that the branch organization will lobby for the interests of their members, not taking into account the views of small players.

«The correct approach in this situation would be in creating the framework of the law, said at the meeting, the member of the Supervisory Council of VTB Bank Valery Petrov. – We also have the ability to quickly solve the issue. To discuss basic approaches, on the one hand. But on the other hand, to focus on regulation through SROs».

This idea was supported by the Chairman of the Duma Committee on financial market Anatoly Aksakov. He believes that the future law must be very flexible, allowing the market properly and to work quietly. In the words of the participants, to undertake the functions of the SRO in the industry can Russian Association of cryptocurrency and blockchain (RAKIB).

Director of the legal Department of the Central Bank of Russia Alexei Guznov believes that before the creation of the SRO is necessary to understand on what basis and what common signs of industry are combined in the framework of self-regulation – then you should enter information about SRO in regulatory documents.
Head of center of financial technologies «SKOLKOVO» Foundation Pavel Novikov noted that in industries where the probability of fraud, now uses the mechanisms of self-regulation – for example, in the field of microfinance organizations, the bookmaking business, construction, etc.

«The industry of cryptocurrency invented so that myself to adjust, he said. – Excessive regulation can, of course, to kill her.»

Director RAKIB Arseny Weltzin stressed that the creation SRO will allow to react to market changes more quickly than in the case of other forms of regulation.

«The government cannot constantly adapt to the changes of the industry, he explained. She will formulate work rules is to protect investors and projects, the rights and obligations of the parties and will control their implementation. But all these requirements must be agreed with the international community».

Co-founder of the blockchain ecosystem of consumer goods INS Ecosystem Dmitry Zhulin expressed concern that the SRO is first and foremost to protect the interests of the big players in the industry.

«This organization includes the largest companies that can lobby their interests at the state level, he said. This can cause start-UPS and small firms are discriminated against. It is important to take into account the opinion of all market participants, small companies and individuals, not just state-owned companies».

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